G20 Asks Global Regulators to Consider Multilateral Crypto Response

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Finance leaders and their central bank counterparts at the G20 meeting in Fukuoka, Japan, have made a joint request to the Financial Stability Board (FSB) and global standards organizations to offer a cooperative response to monitor risks around crypto assets.

The document, co-signed by the leaders, urges relevant bodies to give greater focus to crypto and to consider relevant steps to be taken, including multilateral actions:

“We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed… [considering that] technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”

That latter part of the sentence was a carbon copy of last year’s G20 summit in Buenos Aires, during which bullish sentiments were also expressed for blockchain. After repeating this optimism, the authors of the document did bring up remindful concerns over emerging technologies:

“While crypto assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”

This was indicative of the desire for member countries to adopt the Financial Action Task Force’s (FATF) virtual assets interpretive note and guidance for a risk-based approach to virtual currencies at its plenary later in June. The leaders also state that they reaffirm their commitment to applying the recently amended FATF standards for crypto.

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